Fox Corporation (NASDAQ:FOXA) (NASDAQ:FOX) shares are trading higher by 2.68% to $31.45 Wednesday morning after the company’s board of directors received a letter from Rupert Murdoch withdrawing the proposal to explore a potential combination of Fox and News Corporation (NASDAQ:NWSA).
Per a press release, in withdrawing the proposal, Murdoch indicated that he and Lachlan K. Murdoch have determined that a combination is not optimal for the shareholders of Fox and News Corp at this time.
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According to data from Benzinga Pro, FOX has a 52-week high of $40.91 and a 52-week low of $26.35.
